Saregama Demerger: Listing Date Announced

Saregama India in an exchange filing on Monday disclosed that the National Stock Exchange of India Limited and BSE Limited have granted listing and trading approvals for 3.85 crore fully paid-up equity shares of Digidrive Distributors. Commencing on January 10, 2024, these equity shares will be available for trading on both NSE and BSE.

The NSE symbol for the stock would be DIGIDRIVE where as the BSE scrip code would be 544079. The scrip will be placed in the Trade-for-Trade segment for the initial 10 trading days. Trade to Trade (T2T) is a stock market segment characterized by mandatory share delivery for all transactions.

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This means that intraday trading and BTST (Buy Today, Sell Tomorrow) trades are not permitted for stocks in this segment. Investors are required to take actual delivery of shares when engaging in transactions in the T2T segment.

Last year, the company unveiled plans for the demerger of its e-commerce business into a distinct entity, with the record date set for July 27. As a result, shareholders are to be allocated one share of the demerged entity for every five shares of Saregama.

Digidrive Distributors Limited, the outcome of this e-commerce spinoff, will now be listed on both BSE and NSE, ceasing to be a subsidiary of the parent company.

Price Action: Saregama’s share price was down 0.31% to trade at ₹364.90 in early trade on Tuesday.

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Posted In: EquitiesMarketsTrading IdeasDigidrive DistributorsSaregama